The beleaguered SABC is expecting to end the 2016-17 financial year with a staggering net loss of R1.1bn, Parliament heard Tuesday. The financially hamstrung public broadcaster recorded a loss of R411m in the 2015-16 financial year, up from R395m the previous year. SABC executives and members of the SABC interim board briefed Parliament’s communications portfolio committee on the corporation’s fourth-quarter expenditure and performance report. Acting SABC group CEO Tseliso Ralitabo told MPs that the broadcaster recorded an operating loss of R509m for the fourth quarter ended March 31, which exceeded the budgeted loss of R137m. The public broadcaster is in deep financial trouble and many suggest that it is on the brink of collapse as it struggles to meet its obligations, including the payment of service providers. The crisis has become so severe that its board took a decision to stop payments to nonexecutive directors until the financial situation improves. The broadcaster has approa...
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